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If you owe your parents money but mom died and dad is in a nursing home can you just have the money subtracted from your inheritance or must you pay it to the estate now?
Wiki User
∙ 14y ago
The specifics will depend on the executor of the estate. If when the parent's die there are not adequate assets to settle the debts, the loan will probably have to be repaid. If there is enough to cover the debts, the loan can be subtracted from the bequest.
Wiki User
∙ 14y ago
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Do you have to pay taxes on money inherited from parents estate?
Inheritance is not taxed for income tax purposes. However, if you acquire property through inheritance like a house or stock, and sell it later, you may have an income tax situation. There is a tax called estate tax, which must be filed and paid by the parents estate. This would depend on the entire value of the parents estate to determine if an estate tax return is necessary.
What is another name for estate of inheritance?
Another name for an estate of inheritance is FEE SIMPLE. In contrast, a life estate is not an estate of inheritance because it does not pass to one's heirs at death.
Who pays for tax liens on a Estate inheritance?
There wouldn't normally be liens on the inheritance...but on the assets in the estate, which can't be distributed and become an inheritance until they are settled by the estate.
What happens in Ohio when the spouse's parents pass leave half interest to the spouse and then the spouse dies and other relatives are after the spouse's interest in the parent's estate?
You, and his descendants, should inherit his estate. His estate includes the inheritance from his parents. There should be no argument about it. Contact a knowledgable probate attorney for assistance.
Will I have to pay an inheritance tax in Virginia?
There is no inheritance or estate tax in Virginia. It is limited and related to federal estate tax collection only.
How can you inheritance as a sentence?
Example sentence - His inheritance was small in comparison to the size of the estate.
What if you owed your parents money and they die and other children want to collect?
The estate has the right to collect. If there is documentation, they may offset the loan against your inheritance.
Does Chicago have inheritance tax?
Inheritance and Estate TaxesThere is no inheritance tax and only a limited estate tax related to federal estate tax collection.For further information, visit the Illinois Department of Revenue site or call 800-732-8866.
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
Is a Remainder Estate considered an inheritance?
Yes, it is.
Can you disinherit your husbands estate?
You do not have to accept an inheritance.
What is right of inheritance?
The right of inheritance is the legal right to receive assets or property from a deceased person. It allows for the passing on of wealth and possessions to family members or individuals designated by the deceased through a will or the laws of intestacy.
